Intuit Adds Proper Finance Team Members to Small Business Group

Intuit has acquired intellectual property (IP) and hired talent from financial data platform and tools provider Proper Finance.

The team members will join Intuit’s FinTech and Small Business and Self-Employed Group (SBSEG) Money teams, helping to “accelerate innovation,” Intuit said in a Monday (March 11) blog post.

“Proper Finance brings deep expertise that will help us accelerate our ability to address this opportunity across the Small Business and Self-Employed Group’s $188 billion total addressable market,” James Barrese, senior vice president of FinTech at Intuit, said in the release.

Intuit’s Money portfolio includes connected tools, expert services and insights that accelerate money movement and provide small businesses with advanced money management capabilities, according to the release.

The Proper Finance team members will bring their expertise in digital banking, payments, money movement, and financial operations and infrastructure to their new roles in the Money teams, the release said.

Proper Finance was founded in 2021 with a mission to “empower every company with modern tools for financial data integrity,” Kyle Maloney, co-founder and CEO of Proper Finance, said in the release.

When announcing the closing of its seed round in June 2022, the firm said its integrated reconciliation and ledger data platform allowed FinTechs to manage their financial data and maintain complete financial accuracy.

“Joining Intuit will bring us closer to our goal of improving the health of the financial ecosystem,” Maloney said in the Monday press release. “Together with Intuit, we will expand the impact of our expertise to help companies move and track money accurately and efficiently.”

In another recent development, Intuit unveiled a new financial tool for one-person businesses in February. The new QuickBooks Solopreneur helps these entrepreneurs manage their finances, set goals and prepare for tax time. It is compatible with the QuickBooks mobile app on iOS and Android devices.

In January, Intuit integrated TurboTax into two of its other products — Credit Karma and QuickBooks — saying it aimed to streamline the tax preparation and filing process for individuals and small businesses. The new integrations combine the tax knowledge engine of TurboTax with the filer’s personal and financial data that is already present in Credit Karma or QuickBooks.